White House weighs smaller fiscal cliff package

politico ^ | 12/21/12 | CARRIE BUDOFF BROWN and JAKE SHERMAN

[ColdOne]

So the White House is turning its focus to a smaller package that would extend the Bush-era tax rates on income below $250,000, pause the across-the-board spending cuts known as the sequester and renew unemployment insurance benefits, according to senior administration officials.

It would hold off a significant portion of the fiscal cliff, minimizing any economic shock in the new year. But it means a host of tax provisions would likely expire, little would be done to address the debt and deficit, and no process would be set up for overhauling the tax code next year. There would be no agreement on entitlements, and none on raising the debt ceiling.

[freepertoo]

This is probably an obvious question (apologies), but is there any way for a person like myself (average 9-5 worker) to estimate how much more going over the fiscal cliff will cost on a monthly basis?

[TheBigJ]

IT’S BEGINNING TO LOOK A LOT LIKE ARMAGEDDON

It’s beginning to look a lot like Armageddon
Bama’s still squatting in the White Hut;
Uses a teleprompter so well, it’s Jarrett can’t you tell
Soros and globalists like the show.

It’s beginning to look a lot like Armageddon
Hurtling over the fiscal cliff;
Michelle’s spending all she can, while still blaming the white man
Liberal fascism for sure.

Well there’s commies n muzzies n Benghazi but no worries
says the propaganda press ministry of spin;

Ayers n Davis Black Panthers n Operation Furious
Solyndra don’t forget Cloward Piven;

And the ruling class of corrupt Congress hacks are giddy all over again.

It’s beginning to look a lot like Armageddon
Bama’s still squatting in the White Hut;
No birth documents to show, the Usurpers gotta go
Reggie Love is waiting under the mistletoe (oh no!).

It’s beginning to look a lot like Armageddon
ObambiCare they say is the “law of the land”;
Justice Roberts violated his oath, Barry Soetoro still smokes
And our troops keep dying in ‘Stan.